(a) A municipal port authority is authorized to assign, transfer, lease, convey, grant, or donate to the federal government, or to the appropriate agency or department of it, any, or all, of the property of the authority for any use by the federal government for any purpose included within the general purposes of this subchapter, as provided in this subchapter, such assignments, transfer, lease, conveyance, grant, or donation to be made upon such terms as the authority board may deem advisable.

(b) In the event the federal government should decide to undertake the acquisition, construction, equipment, maintenance, or operation of the airports, seaplane bases, naval bases, wharves, piers, ships, refrigerator storage plants, warehouses, elevators, compresses, docks, shipyards, shipping and transportation facilities referred to in this section including terminal railroads, roads, highways, causeways, or bridges, and should itself decide to acquire the lands and properties necessarily needed in connection with them, by condemnation or otherwise, the authority is further authorized to transfer and pay over to the federal government, or to the appropriate agency or department of it, such of the moneys belonging to the authority as may be found, needed, or reasonably required by the federal government to meet and pay the amount of judgments or condemnation, including costs, if any are taxed on them, as may be rendered from time to time against the federal government or its appropriate agency, or as may be reasonably necessary to permit and allow the federal government, or its appropriate agency, to acquire and become possessed of such lands and properties as are reasonably required for the construction and use of the facilities referred to in this section.